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Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planking trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
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Soybean futures are sharply lower on the day in what looks like week/month-end profit taking on a day with historically light volume. Trade ideas for the USDA export sales report this morning had been in the 550,000 MT to 990,000 MT range and they came in at 1.487 MMT; hard to call that a bearish number. Soybean meal export sales were net-negative for 2014/15, but 2015/16 bookings for 174,300 MT made for a net 152,000 MT in new meal sales for the week ending November 20. Bean meal shipments reported this week were huge. The CME will close early today, at 12 pm CST for grains.
Jan 15 Soybeans are at $10.15 1/4, down 31 3/4 cents,